PEKING (dpa-AFX) - SinoHub Inc. (SIHI) Tuesday reported a loss for the first quarter compared to a profit last year, due mainly to lower gross margins and higher operating expenses, notwithstanding a surge in revenues.
The Shenzhen, China-based company reported a first-quarter net loss of $2.22 million or $0.07 per share, compared to a profit of $3.54 million or $0.12 per share last year.
Total revenues for the quarter soared 62.7 percent to $61.79 million from $37.97 million in the prior-year quarter.
For the quarter, gross margin decreased to 2.6 percent from 20.3 percent in the year-ago quarter. Total operating expenses increased to $3.99 million from $3.23 million last year.
Looking ahead, the company reconfirmed its full-year 2012 revenue guidance of about $200 million.
Copyright RTT News/dpa-AFX
© 2012 AFX News
